Who are the key figures involved in turning a business around
When it becomes clear that your business may be struggling within the unstable financial climate, it is particularly important to act quickly and decisively.
Calling in the services of a professional business restructuring team can allow you to make cogent decisions on key issues and ensure that the business establishes a course of action that suits all parties involved in the process. But aside from the specialist advisory team, who are the figures that need to be considered first and foremost?
Staff morale is likely to be a key issue in this scenario. It is important to let them know what is going on but also offer reassurances that plans are in place to allow the business to continue as a going concern. If you can achieve the balance of keeping existing staff well informed as well as motivated, it may be crucial to maintaining a productive environment.
A creditor’s central concern will involve when they are going to receive payment. A competent business recovery specialist can communicate effectively with all parties, including creditors and shareholders, to keep them up to speed with the overall process and when they can expect to receive any expected funds.
It is imperative that customers continue to view your company as a viable and credible outfit during any unstable periods. They will be a major factor in your ability to turn the business around successfully as a sharp decline in customers could represent a decisive blow for a company that is already on the edge financially.
Consulting an insolvency specialist
Acquiring professional help from an insolvency advice specialist at an early stage could be crucial to turning around your struggling business. They can offer relevant and sustainable solutions to a number of the most common problems that failing businesses face in 2013.
If you would like to have a free no obligation chat with one of our advisers please call us on 0207 186 1143.